5 Successful Retirement Parties Ideas

Share on LinkedIn Share on Facebook Share on Twitter Share on Google Plus Share this Page

5 Successful Retirement Parties Ideas

Over the course of the next 19 years, every day more than 10,000 Baby Boomers will reach the age of 65. America’s largest generation is not only aging, but in fact retiring.

Retirement is a big deal. It marks the start of a new chapter in someone’s life and the end of their career, or perhaps the start of a new career. So of course, with big life changes comes a celebration: a retirement party.

Retirement parties are a great way for an organization to show its appreciation to the retiree. They put a lot of hard work into your company over the years, so it’s nice to do more than just a cake and say ‘see you later.’ No matter what, a retirement party should reflect the retiree’s character, career, interests or hobbies. Here are some ideas to really make a retirement party stand out and memorable for the retiree.  

1. Starting off on the right foot

Guests should be welcomed by fun decorations and food. Colorful streamers and balloons are a great touch. Also, make sure to have a small speech ready at the beginning to welcome guests to the retirement party. Light should be thrown on the retiree’s many accomplishments, making the retiree feel special and accomplished for their many years of work. For more ideas of some fun activities, visit our Pinterest page.

Also, make sure to have a theme. Since a lot of retirees move south after retirement, it may be nice to have a beach theme, equipped with inflatable palm trees and Hawaiian leis.

Another fun touch is to have cookies made to look like the retiree. Parker’s Crazy Cookies specialize in look-a-like cookies that will surly make the retiree feel like the guest of honor.  

2. Invite their family members

This is a special time for the retiree, so having his or her family present will really make this moment stand out for them. Arrange to have the retiree’s spouse or children make a small speech. This puts a personal touch on the celebration. Make sure the speech stays light, and then change the topic to the retirees’ next chapter. Retirement is a new beginning as much as it is an ending.

3. Walk down memory lane

Trace the retiree’s career path from their first teenage job, all the way to now. It would be fun to see where they started, where they thought they were going to end up, and where they did actually end their career. To add to the excitement, put together a video or photo collage with the retiree’s pictures from birth, up to now. Highlight the years the retiree has worked for the company. You can also double the pictures as table decorations and add in meaningful quotes and funny messages.

4. Bucket List

After the retiree has had a chance to catch up on the missed sleep, T.V. shows, and golf games, they need a list of adventures to tackle- a bucket list. Have a bucket out with note cards for other employees to make suggestions for the retiree to do once they have no other obligations. This is a fun way to get people talking and getting creative. Also, it will give the retiree a good laugh when they get a chance to read some of the suggestions.

5. Gifts

Sure, a cake is great to have, but giving a cake as your last present to a coworker that has put many years into the business is not a very grand way of saying “Job well done.” Instead, look for something that maybe interests the employee, such as a new fishing pole with tackle supplies, a year-subscription to a book club, or maybe a weekend vacation to a local resort for them and their family.

Retirement parties are meant to be fun and memorable, especially for the retiree. The emotional side of the event should be kept to a minimum, because you don’t want to make the retiree sad or feel resentment for making the big decision to leave his/her career.

Like any party, a successful retirement party is the result of careful planning and attention to detail, but well worth the effort. The overall goal of the party is to make it a fun event for the guests and retiree. No matter what kind of celebration you choose to throw, big or small, it should honor the retiree and express appreciation for their years of hard work, as well as wishing the retiree a very successful and fun retirement.

Get more articles like this one delivered to your inbox.

Join the thousands who receive ERC's weekly newsletter to stay current on topics including HR news, training your employees, building a great workplace, and more.

Subscribe Now

Helping Employees with Retirement Transition

Share on LinkedIn Share on Facebook Share on Twitter Share on Google Plus Share this Page

retirement transition planning Helping Employees with Retirement Transition

People can feel overwhelmed when it comes to transitioning to retirement. Many just don’t know how to save or where to start. We spoke with Dave Kulchar, Executive Vice President at Oswald Financial, about what employees can expect and how to not be overwhelmed with their retirement transition.

The most important financial considerations for employees nearing retirement

Individuals need to organize their financials in preparation for retirement. That includes planning, budgeting, and proper asset allocation.
Read this article...

Is Your Company on the Right Track with 401(k) Plans?

Share on LinkedIn Share on Facebook Share on Twitter Share on Google Plus Share this Page

When it comes to investing in your retirement plan (401K), a lot of people are unsure or are uneducated about what to do. We talked with Dave Kulchar, Executive Vice President at Oswald Financial and partner of ERC, to find out the basics of a retirement plan and what people should do when it comes to investing for their future as well as how companies can help ease employees into the retirement plan process.

What can companies do to educate their employees about retirement plans?

To make a plan thrive, education is a huge part of what it takes to be successful.

“By having fully licensed, independent educators go out and give unbiased opinions and assist people with how they can invest their money is a great start. A voluntary one on one meeting is also encouraged,” says Kulchar. “Education is extremely important for conformability and helping people along.”
Read this article...

MyRA Overview

Share on LinkedIn Share on Facebook Share on Twitter Share on Google Plus Share this Page

MyRA Overview

On January 29th, 2014, President Barack Obama signed a presidential memorandum authorizing the Treasury Department to create a new retirement-savings vehicle aimed at workers who don't have access to traditional retirement accounts, such as 401(k)s. That group includes about half the U.S. workforce.
Read this article...

Benefits Compliance: 3 Areas to Focus On

Share on LinkedIn Share on Facebook Share on Twitter Share on Google Plus Share this Page

Courtesy of Fisher & Phillips LLC

2013 marks not just the start of a new calendar year, but also compliance obligation deadlines for some employee benefit plans. We have outlined a number of key provisions impacting welfare and retirement plans, as well as changes to your payroll system, to help you be prepared. Let me know if you have any questions,

Medical Plans

  • A Summary of Benefits and Coverage (SBC) must be provided to all group medical plan enrollees by the first day of the first annual open enrollment period beginning on and after September 23, 2012. This means if your medical plan is operated on a calendar year basis, you must provide SBCs to enrollees as part of your upcoming annual open enrollment period for coverage that takes effect January 1, 2013.
  • Health FSAs must be redesigned for the 2013 plan year to limit annual account balances to $2,500. Make sure to update your plan document as well.
  • Ensure that your group health plan SPDs have been properly amended to reflect any applicable changes under the Patient Protection and Affordable Care Act of 2010 (PPACA).
  • Claims’ correspondence (claims and appeals responses) must use “culturally and linguistically appropriate language” when 10%+ or more of employees reside in a county literate only in the same non-English language. The HHS website provides a list of all U.S. counties which meet or exceed the 10% threshold.   If you send a claims or appeals response to an address in a county that meets the 10% threshold, you must include a one-sentence statement in the relevant non-English language indicating how to access language services. You must also provide oral language services (such as a telephone customer assistance hotline) and, upon request, a notice in any applicable non-English language.
  • The Women’s Health and Cancer Rights Act of 1998 (WHCRA) requires group medical plans to provide an annual written notice to participants and beneficiaries of the availability of medical and surgical benefits under the plan with respect to mastectomy and breast reconstruction. Including the WHCRA notice as part of your open enrollment materials is one way to fulfill your annual notice obligations.
  • Sponsors of group medical plans must notify employees annually concerning the availability of state premium assistance through Medicaid or CHIP.  The Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA) imposes this notice requirement, which can be met by including the DOL’s model “Employer CHIP Notice” as part of your annual open enrollment materials.  For calendar year plans, the Employer CHIP Notice must be provided no later than January 1, 2013.
    Read this article...

New Retirement Plan Requirements: 4 Things Employers Must Do

Share on LinkedIn Share on Facebook Share on Twitter Share on Google Plus Share this Page

The Department of Labor's final rules under the Employee Retirement Security Act of 1974 (ERISA) start became effective July of 2012. These rules are intended to enhance the transparency of fees and other compensation with service providers. They will help employers and their employees better understand how much their retirement plan truly costs and the value/level of service they are receiving from their vendor/service provider.

Many employers are unaware of their responsibilities as ERISA fiduciaries. Most are neither trained nor skilled to interpret vendor reports, monitor service levels or fees, and ask the probing questions necessary to fulfill their fiduciary duties. Employers may need to retain professional advisors to implement a strategy of compliance and procedural prudence to manage their plans.

Dave Kulchar, Executive Vice President and Director of Retirement Plan Services at Oswald Financial, Inc. explains that there are two phases in the implementation of these rules. He says, "Phase one requires service providers to disclose all costs to plan sponsors beginning on July 1st. Phase two requires plan sponsors to deliver this information to plan participants, effective August 1st."

The new requirements often are explained in a complex manner that are difficult for organizations to understand so we've simplified them to summarize 4 of the most critical action steps you need to take to comply with these new requirements.

1. Make sure you receive the necessary disclosures.

Employers must make sure that they have received all of the required disclosure information from their covered service providers (auditors, record keepers, custodians, actuaries, advisors etc.).  If the required information is not received by July 1, 2012, then the employer has an obligation to request the information in writing. Without the required information in hand, any fees paid to those service providers may be considered prohibited transactions under ERISA and employers can be held liable for civil penalties or excise taxes.

2. Evaluate and benchmark fees from your vendors.

The new rules of 2012 require covered service providers of ERISA-covered defined benefit and defined contribution plans to provide employers with the information necessary for them to evaluate whether fees paid to service providers are reasonable when compared to those paid by other similar plans and determine if any conflicts of interest may impact a service provider's performance under a service arrangement. Information that must be disclosed includes:

  • A description of all services to be provided to the plan
  • All compensation it expects to receive, including direct and indirect compensations
  • The manner in which compensation will be received by the service provider
  • A description of whether the services provided are fiduciary services or services under the Investment Advisors Act of 1940
  • Information about conflicts of interest

This information will be necessary to evaluate and benchmark their fees against other service providers in the market to determine whether they are reasonable or not, and to understand if the fees are in line with those paid by similar plans. Organizations will need to make sure that they aren't paying unreasonably high fees for their retirement plan's services and document their analysis and review.

Why is benchmarking necessary? As plan fiduciaries, employers must evaluate their providers regularly in terms of their cost and competence to avoid liability, even if they are satisfied with their provider and aren't considering a change. In addition, employers should be wary of simply choosing the least costly service providers and evaluate their competence and level of service to protect themselves from potential liability. 

3. Communicate fees to employees.

Effective August 1, 2012, employers need to communicate and report these disclosed fees to employees participating in the retirement plan. Under these rules, employers are also required to provide ongoing disclosure to plan participants on quarterly statements going forward. It is important to note that this communication is the responsibility of plan sponsors - not plan service providers.

These disclosures must include an explanation of fees and expenses charged or deducted from participants' accounts as well as general information about the plan's structure and operation. "In some cases, employers will need to combine all of the information disclosed by various service providers and vendors in order to communicate it to employees," Kulchar explains.

In terms of how fees should be communicated, Kulchar advises, "Employers must communicate disclosed fees on paper unless they meet the necessary qualifications to disclose them online, which in many situations may be difficult to meet. Also, there is no set format and communications can look different, but fees must be expressed in a flat dollar figure and percentage."

4. Anticipate and answer employee questions.

Employers need to anticipate and answer employee questions about the reports that they distribute on fees. They should be prepared for employees to request assistance in understanding the information being disclosed to them about the fees. Employers should also expect that employees will inquire about why they hired particular service providers and be in a position to justify and explain the fees and expenses that must be disclosed on a comprehensive basis for the first time. They may even consider providing a list of FAQs to employees when this information is disclosed.

"Currently, 72% of employees don't think they are paying anything for their retirement plan. As a result, employers should be prepared to receive and answer questions like 'Is this new?,' 'How long have we being paying this?,' 'Is this competitive?,' 'What's being charged?,' and 'Is this reasonable?,'" says Kulchar.

Although the 2012 legislation changes on retirement plans create new duties and responsibilities for employers, they provide an opportunity for employers to better understand the true costs of their plans and fees paid to providers and help employees better understand their plans as well.

Please note that by providing you with research information that may be contained in this article, ERC is not providing a qualified legal opinion. As such, research information that ERC provides to its members should not be relied upon or considered a substitute for legal advice. The information that we provide is for general employer use and not necessarily for individual application.

Additional Resources

ERC members save thousands on various retirement plan services offered through Preferred Partner, Oswald Financial. These services include waived fees on comprehensive retirement plan reviews and plan design consulting, discounts on Oswald's financial paperless 401(K).

Employers Increasingly Offering Health Savings Plans

Share on LinkedIn Share on Facebook Share on Twitter Share on Google Plus Share this Page

According to the results of the 2011 ERC/Smart Business Workplace Practices Survey, the percentage of Northeast Ohio employers offering health savings plans continued to increase from its current 35% – the highest percentage reported by the survey since 2003. The survey, conducted in partnership with Smart Business Magazine, showed a steady increase in the percentage of Northeast Ohio employers offering health savings plans over the years, indicating that this benefit is increasing in popularity.

The results of the survey also showed that health insurance premiums were continuing to rise, and more employers said that health insurance costs are a growing challenge for their businesses. Specifically, organizations report a 10% increase in health insurance premiums from 2010, an increase of 1% from 2010, and the highest increase from 2007 based on the survey results. Employers appeared to be turning to alternative health care options, such as health savings plans, to manage rising costs.

 “The increase in Health Savings Plans (HSA’s) is not surprising as more employers are seeking ways to balance providing competitive benefits with gaining more control over rising health insurance costs,” says Patrick Perry, President of ERC.

To download the free results of this survey, please click here